Bancorp Inc (TBBK) 2025 Q3 法說會逐字稿

Good morning ladies and gentlemen and welcome to the Bancorp Inc. 23 2025 earnings conference call. (operator Instructions). I would now like to turn the conference over to Andres Viroslav. Please go ahead.

女士們、先生們，早安，歡迎參加 Bancorp Inc. 2025 年收益電話會議。（操作說明）現在我謹將會議交給安德烈斯·維羅斯拉夫。請繼續。

Thank you, operator. Good morning and thank you for joining us today for the Bancorp's 3rd quarter 2025 financial results conference call. On the call with me today are Damian Keselowski, Chief Executive Officer, and Marty Eagan, our interim Chief Financial Officer. This morning's call is being webcast on our website at www.theancorp.com. There will be a replay of the call available via webcast on our website beginning at approximately 12 p.m. Eastern time today. The dialing for the replay is 1-8886606264 with the passcode of 37,073.

謝謝接線生。早安，感謝各位今天參加 Bancorp 2025 年第三季財務業績電話會議。今天和我一起通話的是執行長達米安·凱瑟洛夫斯基和我們的臨時財務長馬蒂·伊根。今天早上的電話會議正在我們的網站 www.theancorp.com 上進行網路直播。今天下午大約美國東部時間 12 點起，您可以在我們的網站上透過網路直播觀看會議錄音。重播撥號碼為 1-8886606264，密碼為 37,073。

Before I call the call over to Damien, I would like to remind everyone that our comments and responses to questions reflect management's view as of today, October 30, 2025. Yesterday we issued our third quarter earnings release and updated investor presentation. Both are available on our investor relations website. We will make certain forward-looking statements on this call. These statements are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1,995 and are subject to risks and uncertainties that could cause actual results to differ materially from the expectations and assumptions we mentioned today.

在將電話轉給達米安之前，我想提醒大家，我們對問題的評論和回答反映了管理層截至 2025 年 10 月 30 日的觀點。昨天我們發布了第三季財報和更新的投資人簡報。這兩份文件均可在我們的投資者關係網站上找到。我們將在本次電話會議上發表一些前瞻性聲明。這些聲明受 1995 年《私人證券訴訟改革法案》安全港條款的約束，但存在風險和不確定性，可能導致實際結果與我們今天提到的預期和假設有重大差異。

These factors and uncertainties are discussed in our reports and filings with the Securities and Exchange Commission. In addition, we'll be referring to certain non-GAAP financial measures during this call. Additional details and reconciliations of GAAP to adjusted non-GAAP financial measures are in the earnings release and the investor presentation. Please note that the Bancorp undertakes no obligation to publicly release the results of any revisions to forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Now I'd like to turn the call over to the Bancorp's Chief Executive Officer, Damian Kozlowski. Damien.

這些因素和不確定因素已在我們的報告和提交給美國證券交易委員會的文件中進行了討論。此外，我們將在本次電話會議中提及一些非GAAP財務指標。有關 GAAP 與調整後的非 GAAP 財務指標的更多詳細資訊和調整表，請參閱獲利報告和投資者簡報。請注意，銀行集團不承擔任何義務公開披露對前瞻性聲明的任何修訂結果，無論該修訂是為了反映本聲明發布日期之後的事件或情況，還是為了反映意外事件的發生。現在我想把電話交給 Bancorp 的執行長 Damian Kozlowski。達米安。

Thank you, Andres. Good morning, everyone. In the third quarter, the Bancorp earned $1.18 earnings per share on revenue growth of 7%, excluding consumer fintech loan credit enhancement income and expense growth of 6%. EPS growth was 13% year over year. Fintech GDP continues to grow above trend at 16%. Revenue growth in the quarter, which includes both fee and related interest income revenue, was 23%.

謝謝你，安德烈斯。各位早安。第三季度，該銀行集團每股收益為 1.18 美元，營收成長 7%，不包括消費者金融科技貸款信用增級收入和支出成長 6%。每股收益較去年同期成長13%。金融科技GDP持續高於趨勢水平，成長率達16%。本季營收成長23%，其中包括手續費收入及相關利息收入。

Our three main fintech initiatives continue to make substantial progress. First, our credit sponsorship balances ended at 785, up 15% from the second quarter, and 180% year over year. We are expecting increasing volumes with new product enhancements and increased utilization. Second, our embedded finance platform development has continued to progress with an expected launch next year. And third, new program implementation timelines, Cash App being the largest, are on track with expected revenue in the first quarter of 2026.

我們的三大金融科技措施持續取得實質進展。首先，我們的信貸贊助餘額達到 785，比第二季成長 15%，年增 180%。我們預計隨著新產品性能的提升和利用率的提高，銷售量將會增加。其次，我們的嵌入式金融平台開發工作持續取得進展，預計明年推出。第三，新專案的實施時間表（其中規模最大的是 Cash App）正在按計劃推進，預計將在 2026 年第一季實現預期收入。

All three initiatives should have an increasingly positive effect on our financials as we move forward through 26 and into 2027. We also made progress in reducing our criticized rebel assets, which include both substandard and special mention assets. These assets declined from $216million to 185 million, or 14% quarter over quarter. We expect more progress in the fourth quarter.

隨著我們邁入 2026 年和 2027 年，這三項措施都應該會對我們的財務狀況產生越來越正面的影響。我們在減少受批評的叛軍資產方面也取得了進展，這些資產包括不合格資產和特別提及的資產。這些資產從 2.16 億美元下降到 1.85 億美元，季減 14%。我們預計第四季將取得更多進展。

Under our Project 7 initiative, which looks to achieve $7 earnings per share run rate by the fourth quarter of 26, we'll be conducting a restructuring of our institutional banking business in the fourth quarter of 25. Headcount is being reduced by 30% as we de-emphasize growth and reallocate space on our balance sheet for credit sponsorship balances. This will reduce run rate expenses by approximately $8 million while incurring approximately $1.3 million restructuring charge in the fourth quarter.

根據我們的「7號計畫」計劃，目標是在2026年第四季實現每股收益7美元的運作率，我們將在2025年第四季對我們的機構銀行業務進行重組。由於我們不再重視成長，並將資產負債表上的空間重新分配給信貸贊助餘額，因此員工人數將減少 30%。這將減少約 800 萬美元的日常開支，同時在第四季產生約 130 萬美元的重組費用。

We also We are implementing our first AI powered use case. We have developed a new tool to reduce the riding of narratives and financial crimes risk management. For a $300,000 investment, we anticipate that we'll be able to avoid approximately $1.5 million run rate expenses over time based on increasing volumes. This tool will be operational in the first quarter of 26. This is the first of many AI tools to come in the future. We expect to develop and implement these tools as quickly and as prudently as possible in areas that will lead to increasing efficiency and productivity of our people and platform. These tools should have an increasing positive impact on our already best in class profitability.

我們也在實施我們的第一個人工智慧應用案例。我們開發了一種新工具，用於減少敘事上的牽強附會和金融犯罪風險管理。我們預計，透過 30 萬美元的投資，隨著銷售量的成長，我們將能夠避免約 150 萬美元的年度營運費用。該工具將於 2026 年第一季投入使用。這是未來眾多人工智慧工具中的第一個。我們期望在能夠提高員工和平台效率和生產力的領域，以最快、最謹慎的方式開發和實施這些工具。這些工具應該會對我們本已一流的獲利能力產生越來越正面的影響。

Lastly, we are lowering guidance to 510 a share for 25, primarily due to lower projected balances on our traditional lending businesses and an increased credit provision for leasing due to losses on the disposition of previously identified credits in trucking. In addition, we are not giving specific guidance in 26 other than we are targeting a minimum $7 earning per share run rate by the end of 26. We are, however, initiating preliminary guidance for 27 of 825 earnings per share. As discussed, we believe there are three main fintech initiatives platform efficiency and.

最後，我們將每股收益預期下調至 510 美元，目標價為 25 美元，主要原因是傳統貸款業務的預期餘額減少，以及由於處置先前確定的卡車運輸信貸損失而導致租賃信貸撥備增加。此外，除了目標是到 2026 年底實現每股收益至少 7 美元之外，我們沒有對 2026 年給予具體指引。不過，我們初步預測每股收益為 825 美元中​​的 27 美元。如同先前討論的，我們認為有三個主要的金融科技舉措，即平台效率和。

Productivity gains from platform restructuring AI tools plus a high level of capital return through continued share buybacks will contribute to EPS accretion. EPS gains are subject to uncertainty, particularly as it relates to the development and implementation timelines of fintech and our stock price for buybacks. We'll now turn the call over to our interim CFO Marty Egan.

平台重組人工智慧工具帶來的生產力提升，以及透過持續股票回購實現的高水準資本回報，將有助於每股盈餘的成長。每股盈餘存在不確定性，特別是與金融科技的發展和實施時間表以及我們股票回購的價格有關。現在我們將把電話交給我們的臨時財務長馬蒂·伊根。

Marty, thank you, Damian, excluding consumer fintech loan credit enhancement.

馬蒂，謝謝你，達米安，但不包括消費金融科技貸款信用增級。

Non-interest for the third quarter of 2025 was $40.6 million which was 27% higher than the third quarter of 2024. Total fintech fees accounted for most of that increase. Prepaid, debit card, ACH, and other payment fees increased 10% to $30.6 million over that period, and consumer credit fintech fees increased $2.9 million to $4.5 million. Additionally, in the third quarter, we reached an agreement on the earnest money deposit. On the terminated sale of a property and other real estate, the $2.3 million settlement amount is included in other income.

2025 年第三季的非利息支出為 4,060 萬美元，比 2024 年第三季成長了 27%。金融科技費用總額佔了這一增長的大部分。在此期間，預付卡、金融卡、ACH 和其他支付費用增加了 10%，達到 3,060 萬美元；消費信貸金融科技費用增加了 290 萬美元，達到 450 萬美元。此外，在第三季度，我們達成了關於定金的協議。在終止出售房產及其他不動產時，230萬美元的和解金額計入其他收入。

The provision for credit losses on non-consumer. Fintech loans was $5.8 million for the quarter, of which $4.8 million was related to the leasing portfolio. The leasing provision was driven by the third quarter and that charged $2.8 million primarily related to the trucking and transportation industry.

非消費信貸損失準備金。本季金融科技貸款額為 580 萬美元，其中 480 萬美元與租賃組合有關。租賃準備金主要受第三季影響，該季度提列了 280 萬美元，主要與卡車運輸業有關。

Average fintech solutions deposits for the quarter increased 10% to $7.3 billion from $6.6 billion in the third quarter of 2024. Non-interest expense for the third quarter of 2025 was $56.4 million which was 6% higher than the third quarter of 2024. The increase included a 10% increase in salaries and benefits.

本季金融科技解決方案平均存款額成長 10%，從 2024 年第三季的 66 億美元增至 73 億美元。2025 年第三季的非利息支出為 5,640 萬美元，比 2024 年第三季成長 6%。此次成長包括薪資和福利上漲10%。

As Damian mentioned earlier, we've made progress on reducing our substandard and special mention rebel assets. We expect that trend to continue in the fourth quarter is $102 million of those loans are under contract and expected to close during the quarter, of which $12 million has already closed and $74 million is expected to close in the next 5 days.

正如達米安之前提到的，我們在減少不合格和特別提及的叛軍資產方面取得了進展。我們預計這一趨勢將在第四季度繼續，其中 1.02 億美元的貸款已簽訂合同，預計將在本季度完成，其中 1200 萬美元已經完成，7400 萬美元預計將在未來 5 天內完成。

Additional details regarding our loan portfolios are included in the related tables in our press release, as are the earnings contributions of our payments business. I will now turn the call back to Damien.

有關我們貸款組合的更多詳細信息，以及我們支付業務的收益貢獻，都包含在我們新聞稿的相關表格中。現在我將把電話轉回給達米安。

Thank you, Marty. Operator, could you please open the lines for questions.

謝謝你，馬蒂。接線員，請開通提問通道。

Tim Switzer with KBW.

Tim Switzer 與 KBW 合作。

Hey, good morning. I hope you guys are doing well. First question I have is, can you guys provide an update on Square and the Cash App program, some of the other new programs you guys have going on? Is there a timeline for when all the volume has transitioned over to you and when should we start to see this rampant GDB, and the associated fees?

嘿，早安。希望你們一切都好。我的第一個問題是，你們能否提供一下 Square 和 Cash App 專案的最新進展，以及你們正在進行的其他一些新專案？所有交易量何時全部轉移到你們這裡？我們何時才能開始看到這種猖獗的 GDB 以及相關的費用？

Yes, so it's on track and revenue is expected in Q1. We're not sure exactly the ramp up schedule because it's really dependent on timelines at block at Cash App. We do have confidence as we work through the year though, we will have substantial fee revenue generated by the 3rd and 4th quarter of next year.

是的，目前一切進展順利，預計第一季將實現營收。我們不太確定具體的上線時間表，因為這真的取決於 Cash App 的開發進度。不過，我們有信心，隨著今年工作的推進，明年第三季和第四季我們將獲得可觀的費用收入。

Okay, that's very helpful. And then, can you provide an update on the $27 million rebel loan that was scheduled to sell, I think in Q3, according to the 10, and it just looks like I haven't closed yet, we just love an update on that.

好的，這很有幫助。那麼，您能否提供一下關於那筆 2700 萬美元叛軍貸款的最新進展？根據 10 號消息，這筆貸款原定於第三季出售，但看起來我還沒有完成交易，我們很想知道這筆貸款的最新進展。

Yes, so that 27 is expected to close in the next 5 days. So it's either today or the beginning of next week, and that's substand.

是的，預計27號房將在未來5天內成交。所以要嘛是今天，要嘛是下週初，目前就是這樣。

Okay, and it seems like there's just a lot of either momentum or activity in terms of closing new loan sales of some of the criticized assets I guess could you just provide an update on, how discussions with borrowers and new sponsors are going, do you expect more sales in the future, and so you can provide.

好的，看來在完成一些受批評資產的新貸款銷售方面，勢頭或活動非常活躍。我想請您提供最新情況，例如與借款人和新發起人的討論進度如何，您是否預計未來會有更多銷售，以及您可以提供哪些資訊。

Yes, these things usually take longer, but if you're going to get all the value out of, the last thing you need to do is panic when you have a little dislocation, which we didn't. And so we've just been working with the borrowers borrowers, some in deferrals, right?

是的，這些事情通常需要更長時間，但如果你想從中獲得所有價值，最不需要做的就是在出現一點小問題時驚慌失措，而我們並沒有出現這種情況。所以，我們一直在與借款人合作，其中一些借款人獲得了延期還款，對吧？

And so that those deferrals are coming to an end, so we're getting resolutions and the market has improved generally for these assets and we've gotten much more clarity, so I think we're going to make really good progress in the 4th quarter and in the 1st quarter of this year. The 4th quarter has already been ring fenced. It could be a little bit better or worse depending on what happens, but we're fairly confident of the 102 reduction.

因此，這些延期付款即將結束，我們正在取得進展，這些資產的市場總體上有所改善，我們也獲得了更多清晰的信息，所以我認為我們將在今年第四季度和第一季度取得非常好的進展。第四季已經劃定了範圍。具體情況可能會略有好轉或惡化，具體取決於事態發展，但我們對減少 102 例有相當大的信心。

Great, good to hear. And then the last question I have is deposits needs a little bit lower. I know you guys are trying to manage the balance sheet quite a bit. I would just love, some color on that.

太好了，很高興聽到這個消息。最後一個問題是，存款要求能否稍微降低一些。我知道你們一直在努力管理資產負債表。我希望它能增添一些色彩。

You mean the end of period deposits.

您指的是期末存款。

Correct.

正確的。

So it's, we get ups and downs and deposits depending on the program. There's a big seasonality part of it.

所以，根據不同的項目，我們會有收入的起伏和存款。這其中有很大的季節性因素。

We're looking at it now. There might be some portion of an impact on drawdowns because of the government shutdown, we're not sure. There's usually a lot of volatility, but we have a lot of primary liquidity, so we have a, we've taken. A deposits off the balance sheet, so we don't have any concerns. We expect the deposits to start to grow in the 4th quarter and then the 1st quarters obviously tax season is where we, as you, if you look back at last year, you could see the dramatic difference as it ramped up in the 4th quarter.

我們正在查看。政府停擺可能會對提款產生一定影響，我們尚不確定。通常波動性很大，但我們有大量的初始流動性，所以我們採取了行動。存款已從資產負債表移除，因此我們沒有任何擔憂。我們預計存款將在第四季度開始成長，然後第一季顯然是報稅季，正如你們回顧去年一樣，可以看到第四季度出現了顯著增長。

And what's happened generally is that you get a ramp up in that 4th quarter and over the last and traditionally you go back 567 years ago, you'd get that big ramp down. But what's happened.

通常情況下，第四季會出現一個增長期，而過去，按照傳統，追溯到 567 年前，會出現一個大幅下降期。但現在發生了什麼事？

Now is that because we have our regi limit, it's more about managing deposits off the balance sheet, we have plenty of deposits. The question is how do we manage it through the cycle so that we don't have these big ups and downs and so we've gotten much better at taking deposits off the balance sheet when we don't need them.

現在是因為我們有註冊限額，所以更多的是在資產負債表外管理存款，我們有很多存款。問題在於我們如何管理整個週期，以避免大幅波動，因此我們在不需要存款時，已經能夠更好地將存款從資產負債表上移除。

Got it makes sense. Thanks, Damian.

明白了，有道理。謝謝你，達米安。

Joe Yanchunis, Raymond James.

Joe Yanchunis，Raymond James。

Good morning.

早安.

Good morning. So I was hoping I could just ask one more on credit. Can you provide an update on what's going on with the Aubrey and, potentially share any occupancy rates that are there and any conversations that you might be having?

早安.所以我希望可以賒帳再申請一次。能否提供奧布里酒店的最新情況，並分享一下入住率以及您正在進行的任何洽談？

Yes, so it's we're continuing to lease up the property. There's units available. We're finishing up on, I think it's about 10% of the units that still need to be refurbished. We'll continue to lease it up.

是的，所以我們正在繼續出租這處房產。有房源。我們正在完成大約 10% 的待翻新單元的翻新工作。我們將繼續出租。

We have people looking at the property to do a transaction. I can't give you any assurances today when that will happen. But we think we'll over the next, 30 to 60 days get more clarity on the property. There's definitely a market out there for the property. The appraisal, if you recall, came in higher last time we reported in the second quarter earnings, so we feel comfortable. I mean, it's in a very different state than it was.

我們已安排人員查看該房產，準備交易。我今天無法向你保證這件事何時會發生。但我們認為，在接下來的 30 到 60 天內，我們將對該房產有更清晰的了解。這處房產肯定有市場。如果您還記得的話，上次我們公佈第二季財報時，估值更高，所以我們感到很放心。我的意思是，它現在的情況和以前截然不同了。

When we had to take the property over, all the major construction, the roofs and the foundations have been done. So it's just a lease up situation, and we do have available over 20 units available for rental. So I think we're in a fairly good position in the property.

當我們接手這處房產時，所有的大型建築工程，包括屋頂和地基，都已經完成了。所以現在只是租賃方面的問題，我們有超過 20 間單元房可供出租。所以我覺得我們在這個房產方面處於相當有利的地位。

Okay, I'm happy to hear that. Kind of moving over to your, outlook, I was something you could talk about how much share repurchases are implied in your both your 2025 and 2027 guide. I know when you initially laid out your 2025 outlook, it includes some share repurchases, and I understand your 2026 and 2027, do include share repurchase. So if you could just kind of unpack that I'd appreciate it.

好的，我很高興聽到這個消息。稍微轉向您的展望，我想請您談談您在 2025 年和 2027 年的指導方針中隱含了多少股票回購計劃。我知道你最初提出的 2025 年展望中包含了一些股票回購計劃，而且我也了解到你的 2026 年和 2027 年計劃也包含股票回購計劃。所以，如果你能幫我解釋一下，我將不勝感激。

Yes, so it's, we've got a lot going on. So, we have 3 big initiatives that we're not sure exactly of the timing, right? So we have the new programs, including Cash App. We have embedded Finance, which we're launching, and we also have the leveraging up of the credit sponsorship business, right? And there's ambiguity around new partners exactly when the revenue will be realized. And then we have the big share buybacks and what the stock price is.

是的，我們有很多事情要做。所以，我們有 3 個大項目，但我們還不確定具體時間安排，對吧？所以我們推出了新的項目，包括 Cash App。我們已經推出了嵌入式金融業務，我們也正在擴大信貸贊助業務，對吧？對於新合作夥伴何時能實現收入，目前仍存在一些不確定性。然後就是大規模的股票回購以及股價的變動。

So what we've done is kind of looked at both and modeled them out and say, okay, what happens if we get the aggressive versus most likely versus downside case. And then looked at the potential stock price with the multiple and said, okay, let's look at all these cases and run a bunch of scenarios and what do we feel comfortable with both the both on the revenue side but also on the buyback side and then also the expense side because we're implementing, we have a whole game plan around AI now which will have an impact on our on our ongoing cost structure.

所以我們所做的就是對這兩種情況都進行了研究和建模，然後說，好吧，如果我們遇到激進的情況、最可能的情況和下行的情況，會發生什麼。然後我們查看了潛在的股價及其倍數，並說，好的，讓我們看看所有這些情況，運行一系列場景，看看我們對收入、股票回購以及支出方面哪些感到滿意，因為我們正在實施，我們現在圍繞人工智能製定了一整套計劃，這將對我們持續的成本結構產生影響。

So you know this is probably a we don't want to put something out that because of the volatility of where we are right now as we get better visibility as to as things play out in the beginning of next year, we could give you more guidance on it, but we didn't want to give guidance for the first couple of quarters. We feel very confident at this point that we expect that we'll get to the $7 run rate and then if you play it out that $8. A 25 is very doable. In 27 you have everything hitting at once. You've got all the revenue initiatives. You've got all the buybacks because we would continue to do the significant amount of our net income and then you have the cost reduction at the same time so that we feel fairly confident.

所以你知道，由於目前形勢的波動性，我們可能不想發布任何消息。隨著我們對明年年初情勢發展有更清晰的了解，我們或許可以給予更多指導，但我們不想對前幾季給予指導。我們現在非常有信心，我們預計能夠達到 7 美元的運行率，如果繼續下去，甚至可能達到 8 美元。25分完全可以做到。27歲時，所有事情都會同時發生。你們已經制定了所有創收計畫。我們已經進行了所有股票回購，因為我們將繼續獲得相當可觀的淨收入，同時我們也降低了成本，所以我們感到非常有信心。

Regardless of the stock price of the buyback that we'd be able to hit it, but we can't give you the exact, we kind of run it at a bunch of different prices and then we look at the revenue expense side and TRY to triangulate on what best never to go out with.

無論回購的股價是多少，我們都能達到目標，但我們無法給出確切的數字，我們會嘗試很多不同的價格，然後查看收入和支出情況，並努力找出最不應該採用的價格。

Totally understand that that you're juggling a lot of things right now, but just in relation to the share repurchases aspect of the guide, should 2027, should we think about the same amount of repurchases $50 million a quarter what you have in 2026, and then there25 new guide includes share repurchases, just trying to think of where the jumping off point is because we had next year.

完全理解您現在要兼顧很多事情，但就指南中的股票回購部分而言，2027 年，我們是否應該考慮與 2026 年相同的回購金額，即每季 5000 萬美元？然後，新的指南中包含了股票回購，我們只是想弄清楚起點在哪裡，因為我們還有明年。

Yes, yes, right, so it includes the buyback, and if, obviously lower share price or we get better clarity exactly on the implementation timelines, we'll give that guidance to the market once we get clarity. We just know that under all the things that are going on that that $7 is very attainable to get to the run rate and if we get to that run rate, then you have a whole bunch of things heading in $27 because you've already ramped everything up. As for the tradition which has not been approved by the board, our tradition is that we're going to return, depending on the multiple of the company, 100% of our net income in buybacks. At that point, it'll be $300+ million in net income. So that would be, similar to the buyback that we did this year.

是的，是的，沒錯，所以它包括股票回購，而且顯然，如果股價下跌或我們對具體的實施時間表有了更清晰的了解，一旦情況明朗，我們將向市場提供指導。我們知道，在目前所有因素的影響下，達到 7 美元的目標價位是完全可以實現的，如果我們能達到這個目標價位，那麼 27 美元的目標價位就會大幅提升，因為我們已經把所有環節都提升到了最高水平。至於尚未獲得董事會批准的傳統做法，我們的傳統是，根據公司的本益比，我們將把100%的淨收入用於股票回購。屆時，淨收入將超過3億美元。所以，這和我們今年進行的股票回購計畫類似。

Okay, I appreciate that color and then just kind of shifting focus here. In the quarter we did see total fintech fees drop sequentially kind of driven by a decline in ACH fees, can you discuss what occurred here and how we should think about, the trend for this line item moving forward?

好的，我很欣賞這種顏色，然後我想把注意力轉移到這裡。本季我們看到金融科技總費用環比下降，這在一定程度上是由 ACH 費用下降所推動的。您能否討論一下這裡發生了什麼，以及我們應該如何看待該專案未來的發展趨勢？

Yes, there's a lot of volatility. There's incentive fees, there's a whole bunch of things in there, and there's seasonality in there too. So you're coming off the income period, but you know they're volatile. So you know I think you look year over year is the best metric to understand that and over a couple of quarters. So you look at the trend and you look year over year. So sometimes we do have a slight suppression quarter to quarter.

是的，波動性很大。其中包含獎勵費用，還有很多其他因素，以及季節性因素。所以你剛結束收入期，但你知道收入波動很大。所以，我認為要了解這一點，最好的指標是同比數據，以及幾季的數據。所以你要觀察趨勢，也要觀察歷年數據。所以有時候我們確實會出現季度間略微下滑的情況。

Especially coming off the 1st to the 2nd, but sometimes the second to the 3rd, but then it starts ramping up again. So I would encourage looking at it longer-term and looking at it year over year. So we're definitely above, remember, we have not implemented some of these, things like embedded finance. We have not implemented Cash App yet. There's no volume there even on the volume that we currently have, we're above trend.

尤其是從第一節到第二節，有時從第二節到第三節也是如此，但之後它又開始加速發展。所以我建議從長遠角度考慮，並逐年觀察。所以，我們肯定已經超越了這些範疇，記住，我們還沒有實施其中的一些措施，例如嵌入式金融。我們尚未接入Cash App。即使是目前的成交量，也遠低於趨勢水準。

Right now in in GDP growth, so that's without, the large edition of the next program. So I think you're going to still see the above trend if that higher going into next year, and that will obviously drive fee growth as well as the ad adoption of more credit sponsor partners and also the launch of embedded finance.

目前正處於GDP成長階段，所以這還不包括下一階段的大規模計畫。所以我認為，如果上述趨勢在明年繼續保持較高水平，那麼顯然會推動費用成長，以及更多信用贊助合作夥伴的廣告採用，以及嵌入式融資的推出。

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So you talked about these several initiatives which are going to drive growth, which aren't really hitting the numbers now. Is there any way to kind of rank order these opportunities, in terms of potential magnitude?

所以你談到了這些將推動成長的幾項舉措，但這些舉措目前還沒有真正達到預期效果。有沒有辦法根據這些機會的潛在規模進行排序？

Well, invented finances where the.(inaudible)

嗯，發明了金融，其中……（聽不清楚）

27, but over the next few years.

27，但在接下來的幾年裡。

Yes, so the embedded finance opportunity is very large, right? So we haven't traditionally done any program management.

是的，所以嵌入式融資的機會非常大，對吧？所以我們傳統上沒有進行任何專案管理。

For our partners and what embedded finance really does is package all the capabilities that we have today. We've talked about this whole layer cake of fee opportunities, and it delivers the entire menu to somebody who wants to embedded in their apps such as a gig economy company. And so that makes that we not only because we have such scale and the other things, and obviously we're profitable doing it, if you're able to deliver the program management element and that's a big growing market. It's going to be in the future. It's a big opportunity.

對於我們的合作夥伴而言，嵌入式金融的真正意義在於將我們今天擁有的所有能力整合起來。我們已經討論過這種層層疊疊的收費機會，它為那些想要將服務嵌入到他們的應用程式（例如零工經濟公司）中的用戶提供了完整的選擇。因此，我們之所以能夠做到這一點，不僅是因為我們擁有如此大的規模和其他優勢，而且顯然我們這樣做是有利可圖的，如果你能夠提供專案管理要素，而這是一個不斷增長的市場。那將在未來發生。這是一個絕佳的機會。

If you recall the program manager, you'd have to rebate this obviously to your partner, but that is the biggest part of where you get the fees, right? So that typically can be up to 80% of the interchange structure. In the in the program management, that's where they get all their revenue from, right? So today we're a few%, maybe 4% at the max of those fees. So if you, if you're able to layer on the program management element, you still obviously have to pay things like Visa, Mastercard, and networks, but then there's a much richer fee environment of which of course you'll share that with your partner, but that's, that makes our platform much more profitable than it would have been if we just sold it piecemeal or for some partners like Chime we sell all layers of the cake, but In certain cases, we only sell parts of that offer, but that's kind of packaging that entire offer and then it increases the fee, the fee environment for us to monetize the platform.

如果你還記得專案經理的話，你顯然需要把這部分費用還給你的合作夥伴，但這應該是你獲得費用的最大來源，對吧？因此，這通常可以占到立體交叉結構的 80%。在專案管理方面，他們的所有收入都來自那裡，對吧？所以今天我們收取的費用最多也就幾個百分點，也許4%吧。所以，如果你能夠疊加程序管理元素，你顯然仍然需要支付 Visa、Mastercard 和網絡等費用，但這樣一來，費用環境就豐富得多，當然，你會與你的合作夥伴分享這部分費用，但這使得我們的平台比我們零散銷售要盈利得多，或者對於像 Chime 這樣的合作夥伴，我們出售所有服務，但在某些情況下，我們只在某些平台下

That was a very thorough answer. I appreciate that. And then last one from me here, can you talk about the health of the consumer, particularly on the lower end. Now, obviously, you've discussed how GDP growth remains above trend. I was just wondering if you're seeing any underlying trends within the data.

這是一個非常詳盡的回答。我很感激。最後一個問題，可以談談消費者的健康狀況，特別是低收入消費者的健康狀況嗎？顯然，你們已經討論過GDP成長如何維持高於趨勢水準。我只是想知道你是否從數據中發現了任何潛在的趨勢。

Not in not in spend, and it's hard to tell. We are, we're seeing momentum in things like the short-term might pay and it's the loan world, right? So you're seeing some momentum, but we can't tell if that's just adoption or an economic reason. So we haven't seen the stress.

既不在支出方面，也很難說。我們看到，短期內可能會有所回報，而且是在貸款領域，對吧？所以我們看到了一些發展勢頭，但我們無法判斷這只是市場接受度提高還是經濟因素所致。所以我們還沒有感受到壓力。

On the economy yet, so people are still spending. Remember, the vast majority of our program partners are, we have corporate payments that's not going to be affected insurance payments aren't going to really be affected. And then we're paycheck, we're generally paycheck to paycheck in a lot of our universe, so people are still employed, they're still spending, and we haven't seen the stress yet.

經濟情勢依然樂觀，所以人們仍在消費。請記住，我們絕大多數的專案合作夥伴都是如此，我們的企業付款不會受到影響，保險付款也不會真正受到影響。然後，我們很多人都是月光族，我們這個世界上的很多人都是月光族，所以人們仍然有工作，仍然在消費，我們還沒有看到壓力。

Just kind of to piggyback off that. Have you seen any increased demand or demand for an early wage access from furloughed government workers? I know that's not the bread and butter of the programs that you offer but just wondering if you've seen a check up there.

只是藉此機會說幾句。您是否注意到，被暫時解僱的政府工作人員對提前支取薪資的需求增加？我知道這不是你們提供的課程的主要內容，但我只是想知道你們是否在那裡進行檢查。

Yes, we still have momentum in the balances in the, but we can't tell generally if it's driven. You would think that it was, but we can't be sure that it's, you would think that it has to have some impact, right, just logically, but we can't tell if it's just more adoption of the product set through market through our partner's marketing. It hasn't, let's say it hasn't doubled, right?

是的，目前市場平衡中仍有動能，但我們無法判斷這種動能是否是由驅動因素造成的。你可能會認為是這樣，但我們不能確定是否如此。你可能會認為這肯定會產生一些影響，對吧，從邏輯上講是這樣，但我們無法判斷這是否僅僅是透過我們合作夥伴的行銷活動，在市場上推廣了更多產品。可以說，它沒有翻倍，對吧？

So you, it's not so odd, it's maybe a bit, a little elevated in the adoption level, but not enough to say that it's from a specific group other than just the normal Business marketing.

所以，這並不奇怪，它的採用率可能稍微高一些，但還不足以說明它來自除普通商業行銷之外的特定群體。

Okay, I Appreciate you taking all my questions.

好的，感謝您耐心解答我的所有問題。

Arif Gangat, Cygnus Capital

Arif Gangat，天鵝座資本

Hey, good morning. I have two questions. My first question is on the loan delinquency in your press release. It looks like sequentially the rebel loans past due doubled from June to September of $37 million to $74million . So my first question is what's driving that and should we expect continued migration as we step through this quarter of more past due loans in the in the rebel portfolio.

嘿，早安。我有兩個問題。我的第一個問題是關於你們新聞稿中提到的貸款拖欠問題。從 6 月到 9 月，叛軍逾期貸款似乎翻了一番，從 3,700 萬美元增加到 7,400 萬美元。所以我的第一個問題是，是什麼因素導致了這種情況？隨著本季叛逆者投資組合中逾期貸款的增加，我們是否應該預期這種遷移會持續下去？

Some of that will be resolved in that $102 million that's under our contract. So that's expected to Improve in the quarter.

其中一些問題將透過我們合約中約定的1.02億美元來解決。預計本季情況會有所改善。

We should expect when we see the same data for a lower line item for res you. And the second question I had is on the consumer fintech loans. Could you help me understand, given the charges in that portfolio, understanding that your partners indemnify you for losses. Help me understand kind of the high charge off rates in those loans. What's the nature of those loans? Why are they charging off at such a high rate and for your partners who are indemnifying you on those losses, what's in it for them? Like why are they continuing to suffer those types of losses in these consumer fintech loans?

當我們看到較低行項目的相同數據時，應該會感到困惑。我的第二個問題是關於消費金融科技貸款的。鑑於該投資組合中的收費情況，您能否幫我理解一下，您的合夥人是否會賠償您的損失？請幫我理解這些貸款的高註銷率是怎麼回事。這些貸款的性質是什麼？為什麼他們要以如此高的比例進行沖銷？而你的伴侶在為你承擔這些損失時，他們從中得到了什麼好處？為什麼他們在這些消費金融科技貸款中持續遭受這類損失？

Yes, so that's this is only all our consumer fintech loans are now chime. Okay, we haven't added another partner as of yet, and has been disclosed before, we have $1.8 billion that we have a limit on their use of our balance sheet. There's 5 different products and they have their own, I won't speak for time, but they have their own.

是的，所以現在我們所有的消費金融科技貸款都透過 Chime 進行銷售。好的，我們目前還沒有增加新的合作夥伴，而且之前也披露過，我們有 18 億美元的資金限制他們使用我們的資產負債表。共有 5 種不同的產品，它們各自有自己的時間安排，我不方便透露具體情況，但它們確實有自己的時間安排。

Obviously, they have plenty of, you can look at their financials, they have plenty wherewithal to sustain the losses, so they do it for various reasons. I don't want to speak for them, but it's I believe it's a profitable activity even with the charge-offs. But there's other marketing reasons that they do the loans in order to make relationships more sticky and to add relationships, but I can't really speak to their strategy. And they, all I can say is that if you look at their own, what they say about their, they, they're definitely in that business and they have the ability to change the dynamics around how they lend, and that's up to them.

顯然，他們財力雄厚，你可以看看他們的財務狀況，他們有足夠的資源來承受損失，所以他們這樣做是出於各種原因。我不想替他們說話，但我相信即使有壞賬，這也是一項有利可圖的活動。但他們發放貸款還有其他行銷原因，例如為了加強客戶關係、增加客戶數量等等，但我不太了解他們的策略。我只能說，如果你看看他們自己，看看他們對自己所說的話，他們肯定身處這個行業，他們有能力改變貸款方式的動態，而這取決於他們自己。

We're just providing the infrastructure and the balance sheet at this time to the limit of 1.8, and they make the decisions ultimately about what losses they like to bear and at what rate and then what is there a benefit to do that either financially or for marketing.

目前我們只是提供基礎設施和資產負債表，上限為 1.8，最終由他們決定他們願意承擔哪些損失以及損失率是多少，以及這樣做在財務或行銷上有什麼好處。

Got it. Just to follow-up on that then in your conversations with time are they concerned about consumer weakness, slowdown, particularly at the lower end consumer, the same subprime related problems we're seeing in other pockets of the market, that would then potentially give them pause around lending to the same extent or tightening their underwriting criteria, and I'm really where I'm going with it is if they do that, how does that impact your fee and growth prospects in fintech.

知道了。那麼，我想就此繼續探討一下，在您與Time的對話中，他們是否擔心消費者疲軟、消費放緩，尤其是低端消費者，以及我們在市場其他領域看到的與次貸相關的類似問題，這是否會導致他們在放貸方面有所顧慮，或者收緊貸款審批標準？我真正想問的是，如果他們這樣做，會對您在金融科技領域的費用和成長前景產生怎樣的影響？

Well, once again, that's their decision, and that's a question for chime. Okay, I can't just I can't disclose any conversations we've had. That's really a chime question. We're here to support our partner.

嗯，這仍然是他們的決定，這個問題應該由 Chime 來回答。好吧，我不能，我不能透露我們之間的任何談話內容。這真是一個關於鐘聲的問題。我們來這裡是為了支持我們的合作夥伴。

We have obviously an incredibly close strategic relationship. We've provided them with enablement for them to help their business plan, and then we've given them a limit of $1.8 billion. So they can change that. They can change their view of how they want to build their business tomorrow and I ask you to look to their own announcements and stuff of what their intentions are.

我們之間顯然有著極為緊密的戰略關係。我們為他們提供了支持，幫助他們制定商業計劃，並給予他們 18 億美元的上限。所以他們可以改變這一點。他們明天可能會改變對企業發展方式的看法，我請大家關注自己的公告和相關內容，了解他們的意圖。

Okay, appreciate it.

好的，謝謝。

Tim Switzer with KBW.

Tim Switzer 與 KBW 合作。

Hey, thanks guys. Embedded finance is a pretty broad term that captures a lot of different products and activities, and I, I'm not looking for a specific, partner or anything like that, but can you just provide some color on what you'll be doing next year as you launch that platform and are you referring to launching a single program or just the platform broadly?

嘿，謝謝大家。嵌入式金融是一個非常廣泛的術語，涵蓋了許多不同的產品和活動。我並不是在尋找特定的合作夥伴或其他類似的東西，但您能否簡要介紹一下您明年推出該平台時將要做的事情？您指的是推出一個單獨的項目，還是只是推出整個平台？

So, we already have a workable. Mockup platform that's actually live, right? So we're in the development process. So we started on the track several years ago of because it wasn't like we discovered a bunch of our partners had asked us if we had the capability to do this aspect. So, and if we could help them.

所以，我們已經有了一個可行的方案。這是一個已經上線的原型平台，對吧？所以我們目前處於開發過程中。所以幾年前我們就開始著手這項工作了，因為並不是我們發現很多合作夥伴都問過我們是否有能力做這方面的事情。所以，如果我們能幫助他們的話。

Build out a capability within their own user experience, right? So that's where the journey started. It became clear to us that the market wants a bank solution, right? They want the entire infrastructure, you're going to have third parties, but they want it to be a bank solution, and that's where there is a lot of demand, especially if you think about the types of companies. That need this and where it's not their primary business model, it's mostly the gig economy, but it's not only that, right?

在他們自己的用戶體驗中建立這種功能，對吧？旅程就此展開。我們很清楚，市場需要的是銀行解決方案，對吧？他們想要整個基礎設施，雖然會有第三方參與，但他們想要的是一個銀行解決方案，而這正是需求所在，尤其是考慮到這些公司的類型。那些需要這種模式的人，如果這不是他們的主要商業模式，那他們主要依靠的是零工經濟，但也不僅限於此，對吧？

So that's where we're focused at first, but it's clear that embedded finance, if you look at any industry study, it's something that's Sometimes we mentioned as much as AI is, but it's something that's going to be broadly accepted. People want that financial services capability. So our journey is focused on the use cases that that will kind of deliver our entire capability set. Most of that in the early days will be gig economy types of companies, but then there are many other use cases as those companies adopt.

所以這就是我們最初的關注點，但很明顯，如果你查看任何行業研究，你會發現嵌入式金融就像人工智慧一樣，經常被提及，而且它將會被廣泛接受。人們需要這種金融服務能力。因此，我們的發展方向是專注於能夠充分發揮我們全部能力的用例。在早期階段，大部分應用情境將是零工經濟類型的公司，但隨著這些公司的發展，將會出現許多其他應用情境。

This type of capability that will build on those capabilities and have a large potential market now. The market is obviously a very large market, and the revenue streams from this type of activity can be very large. I think we have the and they could costly right for the provider, but because of the investments we've made in the key core capabilities that are needed, such as financial crimes risk management, compliance risk management, we have, we believe we have an economic advantage in delivering embedded finance to the marketplace over many of the competitors, and that will result in significant profitability enhancements for the Bancorp.

這種能力將建立在現有能力的基礎上，並且現在具有巨大的潛在市場。這個市場顯然是一個非常大的市場，這類活動帶來的收入也可能非常可觀。我認為我們擁有這些能力，而且對供應商來說可能成本很高，但由於我們對所需的關鍵核心能力（如金融犯罪風險管理、合規風險管理）進行了投資，我們相信我們在向市場提供嵌入式金融方面比許多競爭對手具有經濟優勢，這將為銀行集團帶來顯著的盈利能力提升。

And you know that's part of the reason why as we build these new capabilities we don't want to give, and these are all kind of being done at the same time. There's obviously huge potential and as we get clarity of the market and as we launch these things, we'll tell the market and the potential is large. However, it's, it hasn't been proved out yet. We think these are all going to be within the next 12 months, very important, part of our profitability story.

你知道，這也是為什麼我們在建立這些新能力時不想放棄的原因之一，而這些工作都是同時進行的。顯然，這其中蘊藏著巨大的潛力。隨著我們對市場了解的加深，隨著這些產品的推出，我們會告訴市場，而其潛力是巨大的。然而，這一點尚未得到證實。我們認為這些都將在未來 12 個月內成為我們獲利故事中非常重要的一部分。

Got it, very helpful and then. Can you maybe help us think about I know the NII is a really moving target here, but maybe the trend or trajectory of NII, given the impact of federal rate cuts going forward.

明白了，很有幫助。您能否幫我們思考一下，我知道淨利息收入 (NII) 是一個不斷變化的目標，但考慮到聯邦降息的影響，淨利息收入 (NII) 的趨勢或軌跡會如何變化？

Yes, so we're very different than 4 years ago when we opened the balance sheet. We're very flat, so we're not very asset sensitive. It's if it goes if rates go down 400 basis points, it's only 3% of net interest income because of the way we've structured the balance sheet. So the question for us is when appropriate.

是的，所以我們和四年前我們公佈資產負債表時的情況大不相同了。我們的資產負債表非常扁平，因此我們對資產價格波動較不敏感。即便利率下降 400 個基點，由於我們資產負債表的結構方式，這僅佔淨利息收入的 3%。所以對我們來說，問題在於何時適合。

And we've got such balance sheet flexibility. For example, obviously we could have made up room on our net interest income deficit by just buying bonds, but we haven't because the flexibility in this kind of environment is at a premium. So we'll look at those opportunities, and we haven't gone down the credit curve because of price. So as the spreads are very tight in the marketplace. So we don't feel with all the things that we're working on, we don't feel a need to go down the credit cycle, go down the price.

而且我們的資產負債表非常彈性。例如，顯然我們可以透過購買債券來彌補淨利息收入的缺口，但我們沒有這樣做，因為在這種環境下，彈性非常寶貴。所以我們會關注這些機會，而且我們還沒有因為價格因素而降低信貸門檻。因此，市場上的價差非常小。所以，鑑於我們正在努力做的所有事情，我們覺得沒有必要走完信貸週期，降低價格。

Go down in price or put on bonds just to make up for the lack of origination on the traditional credit. So that's our position. So we obviously had a little deficit in our net interest income versus what the expectations were, but we don't want to chase in this market or be forced into a position that many people have been forced in the place of buy bonds just to supplement some of the net interest income.

要嘛降低價格，要嘛發行債券來彌補傳統信貸業務的不足。這就是我們的立場。因此，我們的淨利息收入顯然比預期略有不足，但我們不想在這個市場中追逐利潤，也不想被迫像許多人一樣，為了補充一些淨利息收入而購買債券。

Okay, got it. That that's really helpful and then, can you provide an update on how regulator expectations for bas partnerships are changing, and with the administration's been here for 9 months now, have you kind of seen an easing, due to that like what areas have you found it easier to operate in? And has this allowed some of your peers, many who were forced to kind of pull back the last several years, is that kind of allowed them to start to, re-enter and become more of a competitor again?

好的，明白了。這真的很有幫助。那麼，您能否介紹一下監管機構對 BAS 合作夥伴關係的期望發生了哪些變化？鑑於本屆政府已經執政 9 個月了，您是否看到監管有所放鬆？例如，您發現哪些領域的運作更容易了？這是否讓一些在過去幾年被迫退縮的同行們重新開始，並再次成為更有競爭力的競爭者？

I don't think you're going to get any re-entering. I think there's, there was a, obviously a lot of people got into banking as a service. It's more than just the regulatory part of it. It's all the infrastructure and there's still what the regulators have basically said there was.

我覺得你不可能再獲得任何重新進入的機會。我認為，顯然有很多人進入了銀行服務業。這不僅是監管方面的問題。所有的基礎設施都還在，監管機構也基本上承認有這些問題。

I don't want to say overreach, but there was clearly some standards that were starting to be suggested that were not necessarily consistent with guidance, and what the regulators have said is, listen, we're going to use the guidance. We're not going to TRY to create things that are out of guidance, and I think that's helpful to the entire industry, including us, because we're, if you remember, we're kind of the highest volume, largest provider.

我不想說是越權，但顯然有一些標準開始被提出，這些標準未必與指導意見一致，而監管機構已經表示，聽著，我們將遵循指導意見。我們不會嘗試創造一些脫離指導原則的東西，我認為這對整個產業，包括我們自己，都是有益的，因為如果你還記得的話，我們是銷量最高、規模最大的供應商。

So if they're going to set a standard, they're probably going to start with us. So if they're not going to set a new standard and they're going to manage to previous guidance, we're at previous guidance. So that that helps us a lot in that we won't have to meet a new standard, but we'll have to hit the regulatory standard that we've met in the past. So I, we haven't seen it, we're focused on the largest programs. Its implementation. We haven't seen any, we're still saying, seeing a lot of the business, we don't do it all, right, so we don't see a pipeline difference at all, and I think over time it's good for everybody if they manage to, it's the ambiguity around it.

所以如果他們要訂定標準，很可能會從我們開始。所以，如果他們不打算制定新標準，而是繼續沿用先前的指導方針，那麼我們就只能繼續沿用先前的指導方針。這樣對我們幫助很大，因為我們不必達到新的標準，而只需達到我們過去已經達到的監管標準。所以，我們還沒看到，我們專注於規模最大的專案。其實現。我們還沒有看到任何，我們仍然認為，我們看到了很多業務，但我們並沒有全部完成，對吧，所以我們根本沒有看到任何渠道上的區別，我認為隨著時間的推移，如果他們能夠做到，這對每個人都有好處，問題在於圍繞它的模糊性。

I think that's good for everybody that if the regulators focus on what they've, what the regulations are. That you can have a clean understanding of what their perspective is, right, and then you can meet that perspective, people join us. It's not only because of the regulatory expertise which we have, it's all the other infrastructure. It's the look through the programs through our ability through financial crimes and our data management capability and all that and our fraud list and all that stuff. So that's the only one aspect of it.

我認為這對每個人都有好處，監管機構應該專注於他們已有的法規。這樣你就能清楚了解他們的觀點，對吧？然後你就能滿足他們的觀點，人們就會加入我們。這不僅是因為我們擁有監管方面的專業知識，還得益於其他所有基礎設施。這是透過我們的程序，檢視我們打擊金融犯罪的能力、資料管理能力、詐欺名單等等。這是它唯一的方面。

Okay, and then it hasn't been asked yet, so go ahead, but the commercial fleet leasing that there's a lot going on in that space with the freight recession, and I know you typically lease the smaller fleets, you're probably struggling with that. There's also the government shutdown we have I think some exposure to government agencies.

好的，既然還沒有人問過，那就問吧。商業車隊租賃領域由於貨運衰退而發生了很多事情，我知道你們通常租賃的是小型車隊，你們可能在這方面遇到了困難。此外，政府停擺也讓我們對政府機構產生了一定的影響。

What were the issues kind of facing these credits here and is there continued pressure at all going forward and I guess could you just clarify with the several borrowers it sounds like. Yes.

這些貸款面臨哪些問題？未來是否會持續面臨壓力？能否請您向幾位借款人澄清一下？是的。

So, there were 3 borrowers. We don't have a large exposure, so you probably the transportation segment got hit hard because there was a bubble during the pandemic because everybody was delivering.

所以，共有3位借款人。我們並沒有大量涉足該領域，所以你可能認為運輸業受到了重創，因為疫情期間出現了泡沫，因為每個人都在送貨。

Things. Nobody was going to stores, as they closed all the small stores down. You can only go to Walmart if you recall, but that blew in the trucking industry. And so we never had a very large portfolio and we only have 12 million left. So and we haven't done a credit in a couple of years. So this is a legacy disposition of assets. Where you know some people are, it's gotten so bad that there's reports of people abandoning these trailers, not the truck, but the trailer park.

事物。由於所有的小商店都關門了，所以沒有人去商店。如果你還記得的話，你只能去沃爾瑪，但這對卡車運輸業來說卻是個災難。因此，我們的投資組合規模一直不大，現在只剩下 1,200 萬了。所以，我們已經好幾年沒做過信貸了。所以這是一筆遺留資產處分。你知道，在某些地方，情況已經糟糕到有報道有人棄置了這些拖車，不是棄置卡車，而是棄置拖車營地。

People have actually abandoned them at truck stops, but we get the trucks back and then you go through a process of disposition and just aren't realizing these are depression of market. Right, even in our discounted view because we've usually taken gains on all of our transportation assets, vehicles and trucks, so it's just, it's a whittled down portfolio. We only have a small exposure left and it's all centered on losses and disposition of assets.

人們確實把卡車遺棄在了卡車停靠站，但我們把卡車找回來後，就得經過處置程序，卻沒意識到這是市場蕭條的表現。沒錯，即使在我們折現後的估值中，因為我們通常已經從所有運輸資產、車輛和卡車中獲利，所以這只是一個縮減後的投資組合。我們目前只剩下少量風險敞口，而且全部集中在損失和資產處置方面。

Got it. And the last question I have, thanks for taking all these just an update on CFO search.

知道了。最後一個問題，感謝您抽空回答這些問題，請您更新一下財務長的招募情況。

I can't give you anything today, but I think we'll be able to announce something soon. Cool. Thank you, Danny. Okay, thank you.

今天我無法透露任何消息，但我認為我們很快就能宣布一些事情了。涼爽的。謝謝你，丹尼。好的，謝謝。

And that concludes our question-and-answer session. I would like to turn it back to Damian Kozlowski for closing remarks.

我們的問答環節到此結束。我謹將發言權交還給達米安·科茲洛夫斯基，請他作總結發言。

Thank you for, thank you everyone for joining us today. Operator, you can just disconnect the call.

謝謝大家今天能來參加。操作員，您可以直接掛斷電話。

Thank you presenters and ladies and gentlemen, this concludes today's conference call. Thank you all for joining. You may now disconnect.

謝謝各位發言人，女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。